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             U.S. SECURITIES AND EXCHANGE COMMISSION
                     Washington, D.C.  20549

Litigation Release No. 14933 / June 6, 1996

SECURITIES AND EXCHANGE COMMISSION v. TIMOTHY J. MORIARTY, United
States District Court for the Western District of New York, Civil
Action No. 96-CV-6260-T.

     The Securities and Exchange Commission today announced the
filing of a complaint in the United States District Court for the
Western District of New York seeking a permanent injunction and
other relief against Timothy J. Moriarty.  The complaint alleges
that defendant Moriarty engaged in illegal insider trading in the
securities of The Rochester Community Savings Bank ("RCSB") in
violation of Section 10(b) of the Securities Exchange Act of 1934
and Rule 10b-5 thereunder.  

     The Commission's complaint alleges that in April 1993,
defendant Moriarty, formerly Vice President, Financial Management
of RCSB, purchased 4,000 shares of RCSB common stock and 60 call
options to purchase RCSB common stock while in possession of
material, nonpublic information regarding the prospective
acquisition of RCSB.  Moriarty's RCSB stock and options purchases
were made before a May 5, 1993 announcement by RCSB that it had
received an indication of interest in the possible acquisition of
RCSB.  Moriarty sold his RCSB position on May 12 and 13, 1993,
reaping $52,562 in insider trading profits.  The Commission's
complaint further alleges that Moriarty made false statements to
the Commission staff concerning the date he first learned of the
prospective acquisition of RCSB and the reasons for his purchases
of RCSB securities, and Moriarty attempted to persuade others to
cover up his illegal activity.  The complaint seeks an injunction
against Moriarty, disgorgement of profits plus interest and
penalties equal to three times the amount of Moriarty's insider
trading profits.

     This case originated from the Division of Enforcement's
market surveillance activities.  The Division received assistance
in its investigation from the American Stock Exchange.  The
investigation is continuing with respect to other trading in RCSB
securities.